Are you facing issues of clearing outstanding loans??

[Ralphjoe]

This is really worrisome collecting loans.
Loan is very bad especially when you took for the purposes of starting a business or buying a car. So many people have been affected by collecting loan in the end they are unable to pay back because of the rate of interest the loan has accumulated over the time.

Loan is as bad as anything that I have ever experienced and so I don't like taking loans because they are traps for one or they can serve as way for one to lunch their venture quickly without any challenge but they can become a challenge on their own when when default in payment.

 

[GIFTMICHAEL]

I'm not facing any outstanding debt, I try my best to stay off from loan and borrowing or owing debts to people i know. It will slow down my business progress and suffer financial issues for long when i can not meet up deadline.

 

[Sotherefore]

I do not have this type of issue because the little saving I have I need to split it into a lot of things to accommodate all my needs and demands and that is what I have been doing,first of all I must take money out for emergency purposes and that one will stay for emergency purposes only

 

[FreshKaz11]

I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.

* Making fast profit to repay the loan terms.

That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.

I can never take a loan or advice someone to take a loan to start up any business, because the business might not turn up in a way we think of and there is already loan been taking this might cause so many problem for who took the loan.

 

[Sincerem]

I can never take a loan or advice someone to take a loan to start up any business, because the business might not turn up in a way we think of and there is already loan been taking this might cause so many problem for who took the loan.

Yes, its just nice as you've talked, never to take loans or advise anyone you know to take loans too. If you can't meet up deadline is detrimental, that's why i don't fancy it.

 

[Abigael]

I have learnt a good habit of exercising self discipline when it comes to taking loans. I rarely take loans these days, and if I take, it is a small amount and I have a plan on how to pay it back. Learning to be contented and controlling my urges has really helped alot.

 

[Senator]

Sometimes we borrow, hoping that things go smoothly as we have planned but it turns out the other way. This might leave us hanging with uncleared debt to pay. This can happen to anyone. Just have to be careful

That is the problem we have most of the time with this issues of uncleared loans or debts. Things sometimes don't turn out as planned and that becomes a new kettle of problems for us paying back

 

[Sincerem]

I once have that mindset of collecting loan last year most especially from bank that the money week be paid back gradually till its complete but I discovered that it don't silver my Problem.

Okay, now you've seen that you've added more injury to your problem. It could've been better you stayed that way than taking such kind of loan that is valueless in your career.

 

[IamDozzy]

My advise to people taking loans is to never take more than one loan and never accumulate debts. The more you do so the harder it'll become paying back the loans or debts accumulated.

 

[Ralphjoe]

My advise to people taking loans is to never take more than one loan and never accumulate debts. The more you do so the harder it'll become paying back the loans or debts accumulated.

This is one whole disadvantage of taking loan which I would advise anyone to stay away from is this accumulation of loan from different sources is actually quite bad.

Post automatically merged: Jun 11, 2021

It happens to everyone, everytime at everywhere, When you borrowed from anyone then time passes too early and the said day comes according agreement or deal when you have to pay your debt. If you haven't enough to clear that you would again borrow from another person or company.

I agree with you that it is very common with almost everyone because at one point in time in our lives we have had to take some loans in our from our friends or associate just to build out ourselves out of a very difficult situation and paying back these loans has become very difficult and I am one of such people who had this problem.

 

[GIFTMICHAEL]

I've always lived a life without owing too many debts if at all I owned a debt before. I make sure i don't owe anyone debt, i don't borrow from the mortgages too.

 

[Giannis]

Thankfully it was not needed in my life until now to take some outsanding loans.I have borrow only low amount of money.But unfortunately I have loads of friends that have take outsanding lows and they still have not pay them full

 

[Sincerem]

Its okay you take loans you can afford to pay and not the amount you can't afford. It will be disastrous that you're accumulating more of the small loans without paying up. At a point it increases to beyond repair. I feel sorry to your friends who aren't meeting up with the low amount of loan taken, cos it will put them in financial risk.

 

[Kunkun]

Debts is easy to get into but usually difficult to get out of that's why I always try to stay away from it but if I don't have a choice I make sure it's the amount that wont be too difficult to procure

 

[Setho]

I do not have any issue now concerning clearing of loans because I do not even like to collect loans in the first place. I always like to seek other funding methods first.

 

[akinlolu99]

It happens to everybody, all over. At the point when you take or get from anybody then, at that point time passes to right on time and the day comes concurring understanding or arrangement when you need to pay your debt. In the event that you don't have sufficient to clear that, you would again get from others. What's more, this cycle proceeds until you encompassed mega debt. Then you need to forfeit by selling your resources like land, vehicles even bicycles. That time looks like hellfire for anybody.

 

[Setfragil]

This is the reason I do not like to take loan to finance any of my projects except I am very certain of the outcome of the project. If you must take a loan make sure that you take a loan that you can pay up at the agreed period.

 

[Lens]

Sometimes it's inevitable, you will have to take loan to sort out important things. Have taken loan severally to settle something very important but the issue of repayment is what we should also consider. Loan repayments at times is not really easy at all. Most especially when you just lost your job

 

[Delight]

Although saving money is always difficult for me but I've never taken a loan to a point that I am unable to pay, I've gotten quite a few loan from people in the past and I've paid back and signed out the agreement we made together.

 

[Setho]

I do not have any of such problems because I am not someone who I even in the habit of collecting loans in the first place. I always tend to collect grants from family.